In order to curb dollar outflow and control current account deficit, the Reserve Bank of India has reduced the limit of forex an Individual can remit from India under Liberalised Remittance Scheme (LRS). Earlier the limit was $2,00,000 (Two Hundred Thousand) which is now reduced to $75,000 (Seventy Five Thousand) as on 14th Aug 2013.
Arvind Mayaram, Economic Affairs Secretary, said that individuals can no longer use forex for buying realty abroad however genuine forex needs can be approved by the apex bank. According to the revised norms, an Indian can now invest overseas only upto 100% of his networth compared to 400% earlier.
Limit on rupee gifts to Non Resident Indians also cut to $75,000 a year. In 2102-13 outward remittance under LRS was more than $1.2 billion.
Limit on rupee gifts to Non Resident Indians also cut to $75,000 a year. In 2102-13 outward remittance under LRS was more than $1.2 billion.
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